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Business

Samsung to log record profits on Galaxy sales

Samsung is expecting record profits in the final quarter of 2012 on the back of sales of about 500 mobile phones a minute. Versatility has kept the electronics leader in the top slot over rival Apple.

Samsung's fourth-quarter operating profit was expected to soar to $8.3 billion (6.3 billion euros), which was a staggering 89 percent more from a year ago and 8.6 percent higher than its previous record set in the third quarter, the South Korean technology firm said in an earning guidance released Tuesday.

Revenues in the quarter were predicted to rise to $52 billion – up 18 percent from the same period a year ago.

Samsung also said that sales of its flagship Galaxy S III mobile phone - currently the world's best-selling smartphone - slipped to around 15 million in the final quarter of 2012 from 18 million between July and September. However, sales of about 8 million so-called Galaxy Note phablet models fully compensated for the drop, pushing overall smartphone deliveries to some 63 million.

In addition, the electronics manufacturer said it would stand to profit from rising prices for its computer chips and flat screens, setting the company well on track for record earnings for the whole year.

Market analyst Neil Mawston from Strategy Analytics research group told Reuters news agency that he expected Samsung to increase notably its smartphone sales to 290 million units in 2013 from a projected 215 million in 2012.

Samsung is scheduled to roll out its new Galaxy S IV model in March or April.

uhe/kms (Reuters, dpa)

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